Crazy Surge in ETF Filings Initiates Cost Battle, Anticipating Further Revisions
Yesterday was the last day for ETF issuers to submit amendment filings for Bitcoin spot ETFs to the SEC. Apart from Hashdex, all asset management companies have submitted their filings on time, including details on fees and seed funding. According to Bloomberg ETF analyst James Seyffort, the SEC has already issued supplemental comments on the recently submitted S-1 filings, so he expects to see more amendment filings tomorrow, but he does not believe it is a signal of delay.
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All issuers except Hashdex have submitted the latest filings
The ETF fee war has begun
SEC has issued supplemental comments, more amendment filings expected tomorrow
All asset management companies have submitted the latest filings except Hashdex.
Fox Business reporter Eleanor Terrett and Bloomberg ETF analyst James Seyffort both believe that Hashdex may have submitted its application at a slightly different time because it is applying for a transformation of its existing Bitcoin futures ETF (DEFI). However, this does not necessarily mean that Hashdex will not be approved if other companies are approved.
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Hashdex’s Bitcoin ETF, a hybrid of futures and spot, resolves manipulation concerns through CME OTC trading
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Earlier, Bloomberg ETF analyst Eric Balchunas pointed out:
This will be a fee war that will never end because that’s the normal life of ETFs.
Yesterday, asset management companies proposed the following latest fees, with Grayscale being as high as 1.5% (compared to its current GBTC of 2%), while other companies have announced extremely low fees. Ark, Bitwise, and Invesco even offered initial incentives with no fees.
Source: Bloomberg
However, according to Bloomberg ETF analyst James Seyffort, the SEC has already issued supplemental comments on the recently submitted S-1 filings, so he expects to see more amendment filings tomorrow, but he does not believe it is a signal of delay. He stated:
I have never seen comments published on the same day the documents were received. If the SEC wanted to employ delay tactics, they wouldn’t have responded so quickly.
Eric Balchunas
James Seyffort
Bitcoin spot ETF
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